7 things one entrepreneur learned — and is still learning — from starting her own business

"It allowed me to combine my love for illustration with my
experience in graphic design, and my obsession for all things
wedding related," shares the 27-year-old, who was married to an
equity research analyst in 2012.

After five years working for a digital media company in New York
City, she knew it wasn't what she wanted to do long-term.

"So I figured if there's ever a time to take a risk, this is it,"
she explains. "I'm young and hungry for a challenge, I don't have
children to support, and I'm covered by my husband's health
insurance."

In 2014, with about $9,500 collected from exercising stock
options at her previous employer, Bonomo established Bonomo Paper Co., the bespoke
stationery studio she runs out of her Brooklyn apartment.

"Before I started my own company I felt hopelessly stuck and
uninspired," she shares. "I had been at the same job for so long,
I could do it with my eyes closed (and that's saying something
from a graphic designer). I'm sure I'm not the only one who has
felt that way – in fact, I know most of my friends have been
there, or still are." Although she says she doesn't consider
herself to be a natural risk-taker or entrepreneur, "the
challenges have reignited my drive and I feel more motivated now
knowing that it's up to me to make this work."

Bonomo has officially been in full-time business since January
2015, and in her first few months of full-time entrepreneurship,
she's been learning fast. Here's what the transition from
corporate life to running her own business has taught her, in her
own words:

1. Don't quit your day job until you're absolutely sure.

I started designing stationery in my spare time for three years
prior to making it into a business. My first project was an
illustrated save the date for a former coworker. I had no idea
what I was doing.

I had never designed for print before and knew nothing about
paper types or how to set up a print-ready file (I was a graphic
designer working in digital media).

Needless to say, I gave my first bride a pretty significant
friends-and-family-discount as a 'thank you' for being my guinea
pig.

I needed to build a solid portfolio and allow myself time to
learn the craft before going out on my own. It would be
impossible to earn a client's trust without enough experience to
back it up.

Three years and a dozen printed pieces later, I finally felt I
had the portfolio and skillset to launch my business.

2. Be fair to yourself and affordable for your clients.

I haven't mastered the art of pricing yet. In theory, it's some
combination of my hourly rate plus the cost of printing (I work
with third-party printers in the city).

However, I'm a perfectionist: If I billed the actual number of
hours I spent on a design, I'd lose every job after the initial
estimate. I'm still learning to find a balance between being fair
to myself and affordable for my clients.

One challenge I run into a lot is that potential clients have
already done some price research with the big online vendors,
when they compare their prices to my estimate, they seem shocked.
I have to remind them (and myself) that though we both sell
stationery, we have very different business models. Bonomo Paper
Co. is a bespoke stationery studio that offers premium, custom
design services and our clients appreciate the quality and
dedication that goes into each unique product.

3. Find a lawyer.

Frankly, I chose to file for a Limited Liability Company because
my lawyer friend told me to. She put it to me this way: People
have wild imaginations, and in the very unlikely case that a
bride claims my stationery ruined her wedding and seeks
retributions, my personal assets are protected. So that was more
or less a no-brainer.

Setting up an LLC, however, is a pretty tedious, multi-step
process, about which I was completely clueless. Everyone I spoke
with told me to use Legal Zoom, that they make the whole process
a breeze. It was partially true — they certainly got the ball
rolling. However, there are many requisite steps even after
receiving the nice, neat folder in the mail.

Did you know that in the state of New York, every LLC is required
to have a notice published in two periodicals announcing their
formation? For six consecutive weeks? Yeah, me neither. It was a
pain, it was expensive, and it required a trip to my county
clerk's office.

4. It takes money to make money.

Building a business isn't cheap. In addition to the $1,000-plus
of filing fees and legal expenses, I also had to purchase a new
computer (which, six months later, is now outdated), a new
subscription for Adobe software, and my domain name and website.

I consider myself pretty lucky though — as a stationery business,
my overhead is relatively low; I work out of my home and all of
my products are made to order (for now), so I'm not paying for
much up front. Even still, I'm on a much stricter personal budget
now that I don't get a regular paycheck. I can't even imagine
having to rent a space, pay for prototypes and production, or
hiring employees before having any steady revenue stream.

Before quitting your day job, be sure to take into account the
expenses you may incur just to get up and running and be sure
you're saving that, plus a few months of living expenses before
you take the plunge.

5. Keep your accountant on speed dial.

Taxes are a foreign language to me, so it's important that I keep
an open dialogue with my accountant. Keep in mind I have a
Bachelor's in Fine Arts and haven't taken a math class since high
school. Terms like resale certificate, or EIN were never
mentioned in Figure Drawing 101 or Color Theory. I'm learning the
importance of filing receipts and keeping an organized folder of
invoices.

A New York-themed save the
date with hand-drawn illustrations from Bonomo Paper
Co.Bonomo Paper
Co.

6. Just start working.

I let my desire to be perfect right off the bat keep me from
taking the first vital steps. I wasted too much time in the
beginning trying to create the perfect logo or the perfect
website (I'm a designer, those things matter to me!). I was
focusing on the branding details before I even established a
brand.

The reality is, I needed to get the product out into the world so
I could start bringing in business. The branding and site details
will evolve over time, and I've learned to accept that.

7. People genuinely want to help you succeed.

I didn't have a single client for the first two months. I was
still working on filing my LLC, photographing my work, and
building my site. It wasn't until I created an Instagram account
and Facebook page for Bonomo Paper Co, and invited all of my
friends to "like" it, that I immediately started getting
inquiries.

What surprised me most though, was the influx of messages from
people I had lost touch with, who offered advice and helped to
spread the word. One long-lost college friend, an employee at
Facebook, offered to run a test ad for BPC; a former coworker
periodically sends me details for networking events and inspiring
designers, another friend-of-a-friend reached out asking if she
could feature Bonomo Paper Co. in her company's weekly newsletter
— with a subscriber base of 10,000.

It was a wonderful reminder that there are some truly kind and
generous people out there.